RLUSD (Ripple USD) is a stablecoin launched by the crypto solution infrastructure, Ripple on December 17, 2024. ^{[1] [2] [6]}

Overview

RLUSD was first introduced in June 2024. In August 2024, RLUSD was announced to be in private beta testing on XRP Ledger and Ethereum mainnet. ^[2]

"This is a significant milestone and a step closer to bringing more high-quality assets to the XRP Ledger, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications." - the team tweeted. ^[2]

RLUSD is valued 1:1 to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. A third-party accounting firm will audit these reserve assets, and Ripple will publish monthly attestations. ^[2]

In October 2024, the company partnered with several exchanges, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to facilitate the token's launch. Liquidity support will come from market makers such as B2C2 and Keyrock. ^[3]

RLUSD was officially launched on 17th, December 2024.

"Ripple USD (RLUSD) is now live on global exchanges. An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency

Instant global payments, 24/7

Seamless on/off ramps

Access value in real-world assets." - the Ripple team tweeted ^[7]

Ripple Secures Approval from NYDFS

In December 2024, Ripple Labs’ RLUSD stablecoin was approved by the New York Department of Financial Services (NYDFS), according to the CEO, Brad Garlinghouse. He announced the regulatory greenlight on Dec. 10 and said exchange and partner listings for the stablecoin, RLUSD would be live soon. ^[3]

"This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first." - he tweeted ^[4]

Ripple originally planned to launch RLUSD as a competitor to Tether’s USDT and Circle’s USDC, with the stablecoin pegged 1:1 to the U.S. dollar. ^[5]